Circular innovations require cooperation between multiple stakeholders. Organizations’ search for circular business opportunities may be challenging due to stakeholders’ various expectations and business logics. This study investigates circular business opportunity creation in the context of eco-industrial parks. A single case study was conducted on business opportunity creation in a relatively young eco-industrial park in its stakeholder network. We investigated how stakeholders of the eco-industrial park created shared circular business opportunities and how they perceived the park context driving and restraining business opportunity creation. The findings revealed opportunity and problem identification and capability exploration as dominant routes to initial circular opportunity identification. Opportunities are further developed by refining the idea and calculating and screening options. The park context both drives circular business creation and sets boundaries through the location, availability of support and stakeholders, and shared value expectations.